Saskatchewan Student Loans: Student Aid, Interest and the GRP

Saskatchewan student loans come from Saskatchewan Student Aid, which the Government of Saskatchewan’s Ministry of Advanced Education runs together with the Government of Canada. One application covers both governments’ grants and loans, and the loans are combined into a Canada-Saskatchewan Integrated Student Loan with two portions that are charged differently: the Canada portion has been interest-free since April 1, 2023, while the Saskatchewan portion charges the prime rate from the month after you stop studying full-time. The student loans hub compares that rule with the other provinces'.

What sets Saskatchewan apart is what comes after graduation. The Graduate Retention Program returns up to $24,000 of tuition through the provincial income tax system to graduates who live in Saskatchewan, and two forgiveness programs cancel part of the provincial loan for nurses and veterinary professionals who work in rural communities.

Interest on the Saskatchewan portion

The Saskatchewan portion is interest-free only while you are a full-time student. Interest starts on the first day of the month after you stop being a full-time student, so it runs through the six-month period before your first payment, and any interest you don’t pay during those months is added to the loan. The first payment is due on the first day of the seventh month after your studies end.

You have two rate choices on the Saskatchewan portion:

• Floating rate (the default): the prime rate, which for these loans is calculated by the Government of Canada from the prime rates of the largest Canadian banks. Your loan is set to this rate automatically when it enters repayment.
• Fixed rate: the prime rate plus 2.5%. You have a one-time option to switch to it during repayment.

The Canada portion charges 0% either way. Each payment is split between the two portions in proportion to their balances, and on the Saskatchewan portion it can be applied to interest before principal. The guide to paying off student loans covers paying ahead and the federal tax credit for student loan interest.

Grants and loans for full-time students

One online application assesses you for federal and provincial grants and loans; applications for the coming loan year open in June. Grants come first: your assessed need is met with the grants you qualify for, and any remaining need is met with Canada and Saskatchewan Student Loans up to the weekly maximums. For a typical eight-month school year, Saskatchewan’s handbook puts the most a full-time student can receive at up to $13,900 in loans and $5,200 in grants, federal and provincial combined.

The provincial Saskatchewan Student Grant for Full-time Students is a progressive grant: like the federal Canada Student Grants, it shrinks as your family’s previous-year income rises, and it is assessed automatically. Weekly maximums for students in multi-year certificate, diploma and undergraduate programs:

Medical students have higher limits on the Saskatchewan loan. Students with dependants can receive extra grant money for each child, and students with disabilities can receive a Canada-Saskatchewan grant for services and equipment, with up to $2,000 a year of it from Saskatchewan; the Canada Student Grant guide explains the federal grants in detail.

If you only want grants, you can choose grants-only funding on the application, and full-time students can later ask the Student Service Centre to reassess them for the loans. The money arrives in stages: the Canada loan and half of the Canada grant at the start of classes; half of the Saskatchewan grant deposited to your bank account at the start and the rest at the midpoint; and the Saskatchewan loan in monthly payments from the second month of classes.

The Saskatchewan Advantage Scholarship

The Saskatchewan Advantage Scholarship pays $750 a year, to a lifetime maximum of $3,000. You are considered for it automatically when you apply for full-time or part-time student aid, and you can decline the loan and still receive it. To qualify, you must:

• have graduated from grade 12 in Saskatchewan, or completed an equivalent such as Adult Basic Education, on or after January 1, 2012;
• show financial need when assessed for Saskatchewan Student Aid; and
• be enrolled at a Saskatchewan post-secondary institution in a certificate, diploma or degree program recognized for student aid.

Students at institutions outside Saskatchewan aren’t eligible, except at Lakeland College and in specific specialized health program seats. You have up to 10 years from finishing grade 12 or its equivalent to receive the full $3,000.

The Graduate Retention Program

The Graduate Retention Program (GRP) is a tax rebate on tuition for graduates who live in Saskatchewan (or are moving there) and file a Saskatchewan income tax return. It is separate from student aid and has its own application. The maximum depends on the program and the tuition you paid, as shown on your T2202 slips:

The program must be equivalent to at least six months of full-time study at an eligible institution and lead to a certificate, diploma, undergraduate degree or journeyperson certification. Master’s and PhD degrees don’t qualify. You must have graduated within the last seven years.

The rebate reduces the Saskatchewan income tax you owe and is spread over seven years: 10% of your maximum in each of the first four years and 20% in each of the last three. Most Saskatchewan institutions apply for the GRP on your behalf with your consent, and the certificate appears in your Advanced Education Student Portal account; graduates of other institutions apply to the Ministry of Advanced Education. You include the certificate with your tax return the first time you claim. Unclaimed years can be claimed later by asking the CRA to adjust earlier returns.

Saskatchewan loan forgiveness for nurses and veterinarians

Saskatchewan runs two programs that forgive part of the provincial loan, not the Canada portion:

• Nurses and nurse practitioners who work in a designated under-served community, which includes communities of 10,000 people or fewer and several small cities.
• Veterinarians and veterinary technologists who provide at least 400 hours of veterinary services over 12 consecutive months in a designated rural or remote community of 10,000 or fewer, and hold a licence to practise in Saskatchewan.

Each year of service forgives one-fifth (20%) of the outstanding Saskatchewan Student Loan, up to $4,000 a year for up to five years and $20,000 in total. You apply within 90 days of finishing 12 consecutive months of service and reapply after each year. Nurses can also apply separately for federal forgiveness on their Canada loan, and graduates can receive the GRP at the same time. The student loan forgiveness guide covers the federal program and other provinces’ programs.

Who qualifies

You count as a Saskatchewan resident if you lived in Saskatchewan for at least 12 consecutive months before the first day of your study period, not counting time spent as a full-time post-secondary student. A permanent resident or protected person who arrived in Canada less than 12 months ago is also a resident if Saskatchewan is the only province where they have lived. Saskatchewan’s handbook warns students not to apply to more than one province: a student funded by the wrong province has to return everything before the correct province can fund them.

Full-time student aid requires at least 60% of a full course load (40% with a permanent or persistent or prolonged disability) at a designated school. Part-time aid covers 20% to 59% of a full course load, with up to $10,000 in Canada Student Loans outstanding at a time and no limit on how many years you receive it. Whether you are assessed as dependent on your parents depends mainly on how long you have been out of high school or in the workforce; the OSAP guide explains how that kind of needs assessment works. Applications and any changes must reach Saskatchewan Student Aid 30 days before your study period ends.

Repayment and help with payments

The National Student Loans Service Centre (NSLSC) manages repayment of both portions. About five months after your last funded study period ends, it sends a consolidation letter with your balance, repayment terms and monthly payment, and you can change the payment amount, pay a lump sum or pay the loan off early through your account. The NSLSC guide covers the account, and the student loan repayment calculator estimates payments on the interest-bearing provincial portion.

If the payments aren’t affordable, the Repayment Assistance Plan can reduce them, or bring them to zero, for six months at a time; you apply through the NSLSC and reapply every six months. Missed payments can damage your credit and lead to collection action; the guide to what happens if you can’t pay a student loan explains default and the options before and after it.

Contacts

• Saskatchewan Student Service Centre (applications, grants, the GRP, provincial forgiveness): 1-800-597-8278. In-person service is no longer offered.
• NSLSC (repayment and RAP): 1-888-815-4514.

For tuition and living costs before aid, see how much university costs in Canada, and the provincial student grants guide compares Saskatchewan’s grants with other provinces'.